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Intro to Business (EXAM 1) questions well answered to pass
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Intro to Business (EXAM 1) questions well answered to pass
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Intro to Business (EXAM 1)Business - correct answer ✔✔Individuals or organizations who try to earn a profit by providing products
that satisfy people's needs.
Product - correct answer ✔✔A good or service with tangible and intangible characteristics that provide
satisfaction and benefits.
Profit - correct answer ✔✔The difference between what it costs to make and sell a product and what a
customer pays for it.
Nonprofit Organization - correct answer ✔✔Organizations that may provide goods or services but do not
have the fundamental purpose of earning profits.
Stakeholders - correct answer ✔✔Groups that have a stake in the success and outcomes of a business.
Economics - correct answer ✔✔The study of how resources are distributed for the production of goods
and services within a social system.
Natural Resources - correct answer ✔✔Land, forests, minerals, water, and other things that are not
made by people.
Human Resources - correct answer ✔✔The physical and mental abilities that people use to produce
goods and services; also called labor.
Financial Resources - correct answer ✔✔The funds used to acquire the natural and human resources
needed to provide products; also called capital.
Economic System - correct answer ✔✔A description of how a particular society distributes its resources
to produce goods and services.
, Communism - correct answer ✔✔A society in which the people, without regard to class, own all the
nation's resources.
Socialism - correct answer ✔✔An economic system in which the government owns and operates basic
industries but individuals own most businesses.
Capitalism (Free Enterprise) - correct answer ✔✔An economic system in which individuals won and
operate the majority of businesses that provide goods and services.
Free-Market System - correct answer ✔✔Pure capitalism, in which individuals own and operate the
majority of businesses that provide goods and services.
Mixed Economies - correct answer ✔✔Economies made up of elements from more than one economic
system.
Demand - correct answer ✔✔The number of goods and services that consumers are willing to buy at
different prices at specific times.
Supply - correct answer ✔✔The number of products-goods and services- that businesses are willing to
sell at different prices at specific times.
Equilibrium Price - correct answer ✔✔The price at which the number of products that businesses are
willing to supply equals the amount of products that consumers are willing to buy at a specific point in
time.
Competition - correct answer ✔✔The rivalry among businesses for consumers' dollars.
Pure Competition - correct answer ✔✔The market structure that exists when there are many small
businesses selling one standardized product.
Monopolistic Competition - correct answer ✔✔The market structure that exists when there are fewer
businesses than in a pure-competition environment and the differences among the goods they sell are
small.
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